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Futures have recovered from their early Sydney lows, leaving YM -1.5 and XM -2.5, with little headline flow to explain the recovery. For XM, TCV priced a $1.0bn tap of its Nov '34 line, with the passage of the pricing removing one source of pressure. Elsewhere on the supply front, Nov-27 index linked supply from the AOFM passed smoothly, with the cover ratio moving higher and pricing printed comfortably through prevailing mids, given the well-documented inflation dynamic in play at present.

MNI London Bureau | +44 0203-865-3809 | anthony.barton@marketnews.com
MNI London Bureau | +44 0203-865-3809 | anthony.barton@marketnews.com

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